Is prepayment allowed on home loans?

Yes, most lenders allow prepayment on floating-rate loans without penalties. Our advisor can guide you on how to reduce your interest cost.

How long does loan approval take?

Approval can be completed within 48 hours if all documents are submitted correctly. Our advisor helps ensure a smooth process.

Can I apply online for a 10 lakh home loan?

Yes, you can do the whole process online with a professional's help.

Do I get a subsidy under PMAY?

Subsidies up to ₹2.76 lakh may be available for eligible first-time homebuyers.

Home Loan
Up To 10 Lakh

Many homebuyers consider a 10 lakh home loan when planning a budget-friendly property purchase. It helps balance affordability with long-term financial stability. Knowing your 10 lakh home loan EMI in advance helps you make better decisions about tenure, interest rate, and total repayment.

What a 10 Lakh Home Loan Means

A 10 lakh home loan is a credit facility allowing you to purchase, construct, or improve a property according to your requirements. Your loan tenure and the interest rate primarily determine the monthly EMI.

You can use this loan to:

Acquiring a home

A home loan can be used for buying a new or reselling house, where the lender finances a major portion of the property cost and the borrower repays it in monthly installments over a time period.

Constructing a house

A home loan is used when you already own a plot and want to build a house on it. The loan amount is usually disbursed in stages as the construction progresses, based on approved plans and cost estimates.

Giving a fresh look to the current property

A home loan can be availed for renovation purposes that helps in upgrading or repairing an existing home. This would cover expenses such as painting, structural repairs, or remodeling.

Switching your loan account

A home loan balance transfer will allow you to shift your existing loan to another lender offering better terms. This may translate to a lower interest rate, or even help reduce your EMI burden or overall repayment period.

How BASIC Home Loan Helps

BASIC Home Loan simplifies the borrowing process with a clear, step-by-step approach:

Profile Review: Understands your income and financial profile.

Credit Evaluation: Reviews your credit score and repayment behaviour.

Lender Matching: Connects you with suitable lenders.

Documentation Support: Helps organize your documents.

Application Processing: Ensures a smooth, hassle-free application process.

Follow-up Till Disbursal: Tracks your application until final disbursal.

This structured approach reduces confusion and improves your chances of loan approval.

EMI CALCULATOR

Calculate Your 10 Lakh Home Loan EMI Instantly

Tenure	Monthly EMI	Total Interest	Total Repayment
5 Years	₹19,872	₹1,92,323	₹11,92,323
10 Years	₹11,688	₹4,02,596	₹14,02,596
15 Years	₹9,072	₹6,33,023	₹16,33,023
20 Years	₹7,843	₹8,82,388	₹18,82,388
25 Years	₹7,164	₹11,49,130	₹21,49,130
30 Years	₹6,754	₹14,31,464	₹24,31,464

10 lakh home loan EMI for 5 years is higher, but saves maximum interest.

HOW LENDERS ASSESS

How Lenders Assess Your Application

Banks look at a few practical factors before approving your loan:

Your personal details, such as age and work life situation.

Regularity of income and your mode of employment.

Your credit rating and track record on payments.

Your current financial commitments.

The property, its characteristics, and legal status.

Key Features of a 10 Lakh Home Loan

Starting Interest Rates as low as 7.15% p.a.

Flexible loan period can be as long as 30–32 years.

Loan EMIs can be made affordable as per your income.

Eligible buyers can avail of PMAY subsidy benefits up to 2.76 lakh.

No prepayment charges for floating rate loans.

The approval & disbursal process can be completed in 48–72 hours.

DOCUMENTATION

Documents Required for Loan Approval

Income Proof

Latest salary slips (3 months), Form 16 or profit & loss account for self-employed.

Bank Statements

Last 6 months’ statements to understand financial health.

KYC Documents

PAN card, Aadhaar card, and address proof with you.

Property Documents

The entire set of legal papers of the property that you intend to buy.

Tell us about your requirements

Loan Type

Loan Amount

₹

₹ 20K₹ 10 Cr

Loan Tenure (yrs)

1 yrs30 yrs

Gender

Date of Birth

ELIGIBILITY

Eligibility Criteria for 10 Lakh Home Loan EMI

Age and Employment Eligibility: Salaried applicants need to be at least 23 years old and not older than 67 years, while self-employed applicants can be aged anywhere between 23 and 70 years.

4 documents

Income Proof: Latest salary slips (3 months), Form 16 or profit & loss account for self-employed.

Bank Statements: Last 6 months’ statements to understand financial health.

KYC Documents: PAN card, Aadhaar card, and address proof with you.

Property Documents: The entire set of legal papers of the property that you intend to buy.

SOLUTIONS

Common Challenges

Having no or a very small credit history

Finding it hard to select the right lender

Income that varies significantly

Missing documents

How We Help

For some applicants, these practical issues come up. Our advisor identifies these challenges early and helps you handle them effectively.